quantum cryptography market size Experience Significant Growth During the Forecast Period 2024

The global quantum cryptography market should reach $1.3 billion by 2024 from $347.2 million in 2019, with a compound annual growth rate (CAGR) of 30.7% during the forecast period 2019-2024.

Report Scope:

The scope of this report is broad and covers global markets of quantum cryptography, which is used globally in various types of applications. The market is segmented by deployment protocol, algorithm type, component, application, end-user vertical, and by region. Revenue forecasts from 2019 to 2024 are presented for each deployment protocol, algorithm type, component, application, end-user vertical, and regional market.

The report also discusses the major players in each of the regional markets for quantum cryptography. It explains the major market drivers of the global market of quantum cryptography, the current trends within the industry, and the regional dynamics of the quantum cryptography market. The report concludes with a special focus on the vendor landscape. It includes detailed profiles of the major global vendors in the quantum cryptography industry.

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Report Includes:

- 86 tables
- An overview of the global market for quantum cryptography
- Analyses of global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Assays the role of quantum cryptography to help secure private messages and communication of confidential information across different verticals
- Information on underlying technologies driving the industry's growth along with primary factors – current trends, regulatory updates, and other macro-economic factors – that can influence the market
- Insights into initiatives taken by government and institutions around the world to build quantum computers that can break down non quantum-based cryptography
- Snapshot of technological advancements in next-generation wireless network technologies
- Detailed profiles of key companies in the global quantum cryptography market, including Crypta Labs Ltd., Hewlett-Packard, IBM, Infineon Technologies AG, Microsoft Corp., Quintessence Labs Pty Ltd., and Toshiba Corp.

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Summary

Quantum cryptography uses quantum mechanical properties to complete cryptographic tasks. The Quantum Key Distribution (QKD) technology in quantum cryptography is based on Heisenberg’s uncertainty principle. Therefore, an unauthorized third party’s attempt to intercept the secret keys used for encryption will produce an irreversible change in the quantum states before they are retransmitted to the intended destination. This will cause an abnormally high error rate in the transmissions between the sender and intended recipient, alerting the recipient of the unauthorized third party’s attempt to intercept the keys. Quantum cryptography is used across industries such as government and defense,
banking and financial services, IT and telecommunications, and retail, among others.

The increasing number of cyberattacks, along with the pressing need to secure data and cybersecurity funding should drive the growth in the global market of quantum cryptography. Governments and institutions around the world are directing financial resources toward build quantum computers that can instantly break non-quantum-based cryptography. This also has created an increased interest in quantum cryptography as many companies are seeking to install quantum cryptographic systems to protect their data. The IT and telecommunication sector should be the largest contributor to the global market of quantum cryptography because enterprises in this segment continuously generate big data.
Protection from cyberattacks is vital.

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